Tuesday, April 28, 2015

Gold and Miners ahead of FED meeting

Gold did not form a rising wedge and instead it proceed to form what it seems like a trading range between 1180-1215.
However 1240-1250 remains the key level.Above that level bulls start to have chances for a substantial upmove.Our view is that Gold will move (especially after yesterdays upmove) towards 1240-1250 where probably it will bounce and (?)reverse.

Regarding Gold Miners ETF (GDX) we stay with our scenario(Gold:a fake Inverted H&S, a rising wedge and at the end a very bearish III(3) for GDX?) for an upmove towards  21-21,5 where probably it will bounce.

Don't forget we are just ahead of FED meeting and short term volatility for gold will increase substantially. Be ready to readjust your views after FED meeting tomorrow.